The American Spectator

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p> FLIPPING MAD br> Re: Barron Thomas's Are We in a Real Estate Bubble? : /p>

As a full time, licensed realtor in Michigan, Oakland County in particular, I meet many people each month that are going to "flip" houses. I say "that's great." I see these same people get killed by "flipping" because they paid "retail" prices for their project properties. The successful "flipper," always buys from someone who has NO IDEA what their property is worth. Remember they're INVESTORS. If the home or property is listed by a realtor, then that seller has a pretty good idea what things in the area are worth. If the flipper cons the little old lady who's been in her home for 60 years into selling for a "fair" price. Then the flipper has margin for profit. Oakland and the surrounding counties of SE Michigan are currently in a "Buyers' Market." Sellers are willing to make deals, buyers are expecting incentives from sellers, and there are few, if any, multiple offer situations.

I don't make predictions for my clients. Since I may have to one day sell that home my clients are buying. I usually ask, "How long will you be in the area?" Real estate is typically a long term investment strategy, if you paid a retail price for the property.

With no interest loans, buying rather than renting is very attractive for the short term Michigan resident. The same people that decry these "interest only," "reverse amortization," and otherwise "easy money" loans as predatory didn't see the interview on Fox News Sunday that I saw with Donald Trump. When asked by Chris Wallace if filing for bankruptcy was going to hurt the Trump name? Trump simply said: "Just shedding some debt" (he failed to add: while hiding most of my financial collateral from collection of debts owed). At whose expense I ask?

p>People that get themselves into financial trouble with supposedly "easy money" are as much of the problem as the rich punks like Trump. Both classes abuse the system, easily file for bankruptcy, (which can expunge their financial failings) leaving the taxpayer and retail buyers to pay the inflationary costs for your next loan or product/service. br> -- P. Aaron Jones br> Huntington Woods, Michigan /p> p> Very interesting article. I am trying to decide what to do with my condo in Miami Beach. However, I am more interested in knowing whether the author is the same Barron Thomas from Barron Thomas Aviation in Dallas, Texas? If so, then I want to talk to him because that Barron Thomas owes me $1500 plus interest from 1987.

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